If your a Home Buyer and Home Seller you know the real estate market is HOT!, In fact May 2018 home sales hit an all time record in Oakland County and across the country. Most homes have had multiple offers and are flying off the market like nothing we have ever seen before, especially here in places like Farmington Hills, Novi and Northville. Low inventories have made it a challenge for many home buyers and on the other hand have made it a dream come true to home sellers which are happy to have their homes even selling for over asking price. Seems the May 2018 home sales record is just a sign of things to come.
May 2018 Home Sales Were Smoking HOT
In a recent article from Realtor.com “Home-Buying Frenzy Sets a Record as California loses it’s grip on Hottest Markets” confirms that the May 2018 home sales data reveals that in fact it has gone down in history as the May 2018 homes sales was the best ever recorded. In the article it states that homes are spending 32 days less on the market then any previous six year period, it is also stated 30 of the top 50 housing markets in the country saw their homes on the market the least of amount of time since 2012 (when Realtor.com started following sales data)
In May 2018 home sales have homes flying off the market, but are selling for higher than anytime before as the median listing price was $297,000-which in an increase of 8% over last May of 2017. It is clear that we are on the recovery track for the housing market across the country which has been a strain on our economy for quite some time both locally and country wide. The May 2018 home sales report and it being a record breaker is great news for home owners and those who are looking to sell this summer, but we still face very low inventories for many home buyers.
The Take-Away
If you are looking to sell, NOW is the time to do so. In this market you may fetch more than you thought possible for your home and sell it very quickly in the process. Like all things, this to shall pass and you wouldn’t want to miss out on this incredible home selling season. If your on the fence, lets chat about it and see what works for you, please feel free to request a customized value report below.